Goodrich Revises 2012 Capex Budget

Goodrich Petroleum revised its already small Haynesville Shale 2012 capital budget downward last week.  The company now is allocating $37.5 million to the Haynesville:  $17.5 million for completion activities on 15 gross (5.5 net) wells and $20 million to drill two new wells in the Angelina River Trend area in East Texas.  The company reallocated $20 million from the Haynesville program to the Eagle Ford by deferring completion on 15 gross (7 net) wells that were drilled in Q4 2011 or Q1 2012.